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Accounting Past Questions

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76 questions JAMB 1611 WAEC 1757 CUSTOM 2

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Past Questions

76 questions

Question 1 of 20 76 total questions

Question 1

jamb 2024

The following balances were extracted from the books of Onuoha, a trader on 31st December 2005

Audit fee	12000
General expenses	30000
Purchases	70000
Commission paid	30000
Stock (1 - 01 - 2005)	10000
Stock ( 31 - 12 - 2005)	15000
Sales	120000

The gross profit is

A#35,000

B#45,000

C#55,000

D#25,000

View Explanation & Discuss

Question 2

jamb 2024

The following balances were extracted from the books of Adama Ltd on 31st August 2007

	#
Sales	200000
Drawings	10000
Land and building	70000
Furniture	10000
Debtors	50000
Creditors	35000
Capital	85000
Bank	10000
General expenses	10000
Stock ( 31-08-2007)	10000
Purchases	140000
Stock (1-09- 2006)	20000

The current ratio is

A3:1

B2:1

C1:1

D1.2:1

View Explanation & Discuss

Question 3

jamb 2024

The following balances were extracted from the books of Adama Ltd on 31st August 2007

	#
Sales	200000
Drawings	10000
Land and building	70000
Furniture	10000
Debtors	50000
Creditors	35000
Capital	85000
Bank	10000
General expenses	10000
Stock ( 31-08-2007)	10000
Purchases	140000
Stock (1-09- 2006)	20000

The gross profit is

A#40,000

B#50,000

C#70,000

D#60,000

View Explanation & Discuss

Question 4

jamb 2024

The following balances were extracted from the books of Adama Ltd on 31st August 2007

	#
Sales	200000
Drawings	10000
Land and building	70000
Furniture	10000
Debtors	50000
Creditors	35000
Capital	85000
Bank	10000
General expenses	10000
Stock ( 31-08-2007)	10000
Purchases	140000
Stock (1-09- 2006)	20000

Total fixed assets is

A#70,000

B#150,000

C#165,000

D#80,000

View Explanation & Discuss

Question 5

jamb 2024

The following balances were extracted from the books of Adama Ltd on 31st August 2007

	#
Sales	200000
Drawings	10000
Land and building	70000
Furniture	10000
Debtors	50000
Creditors	35000
Capital	85000
Bank	10000
General expenses	10000
Stock ( 31-08-2007)	10000
Purchases	140000
Stock (1-09- 2006)	20000

Percentage of net profit to sale is

A10%

B40%

C30%

D20%

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Question 6

jamb 2024

The following balances was extracted from the books of Oluwalambe Ltd, manufacturer, on 31st December 2007

Stock of raw materials 1 - 1 - 2007	8000
Purchase of raw materials	450000
Stock of raw materials 31 - 12 - 2007	95000
Direct wages	65000
Indirect wages	28000
Depreciation on plants	32000
Factory rent	3500
Work in progress 1- 1- 2007	32500
Work in progress 31 - 12- 2007	37500

Cost of goods produced is

A#520,000

B#530,000

C#558,500

D#559,000

View Explanation & Discuss

Question 7

jamb 2024

The following balances was exgtracted from the books of Oluwalambe Ltd, manufacturer, on 31st December 2007

Stock of raw materials 1 - 1 - 2007	8000
Purchase of raw materials	450000
Stock of raw materials 31 - 12 - 2007	95000
Direct wages	65000
Indirect wages	28000
Depreciation on plants	32000
Factory rent	3500
Work in progress 1- 1- 2007	32500
Work in progress 31 - 12- 2007	37500

Factory overhead cost is

A#63,500

B#68,500

C#58,500

D#12,800

View Explanation & Discuss

Question 8

jamb 2024

The following balances was exgtracted from the books of Oluwalambe Ltd, manufacturer, on 31st December 2007

Stock of raw materials 1 - 1 - 2007	8000
Purchase of raw materials	450000
Stock of raw materials 31 - 12 - 2007	95000
Direct wages	65000
Indirect wages	28000
Depreciation on plants	32000
Factory rent	3500
Work in progress 1- 1- 2007	32500
Work in progress 31 - 12- 2007	37500

The prime cost is

A#500,000

B#527,500

C#530,000

D#463,000

View Explanation & Discuss

Question 9

jamb 2024

	#	#
Debtors	2000	6000
Stock	1000	1300
Discount allowed	500
Cash received from debtors	10000

Sales for the year is

A#14,000

B#10,500

C#14,500

D#16,500

View Explanation & Discuss

Question 10

jamb 2024

	#
Stock 1/1/09	2200
Purchases	18000
Sales	27000
Salaries	1500
Rejection in doubtful debts	500
Office expenses	1100
Other expenses	1300
Stock 31/12/09	1000

The total expenses is

A#3,900

B#3,800

C#4,400

D#3,400

View Explanation & Discuss

Question 11

jamb 2024

	#
Stock 1/1/09	2200
Purchases	18000
Sales	27000
Salaries	1500
Rejection in doubtful debts	500
Office expenses	1100
Other expenses	1300
Stock 31/12/09	1000

The net profit is

A#3,400

B#4,400

C#3,900

D#3,800

View Explanation & Discuss

Question 12

jamb 2024

	#
Stock 1/1/09	2200
Purchases	18000
Sales	27000
Salaries	1500
Rejection in doubtful debts	500
Office expenses	1100
Other expenses	1300
Stock 31/12/09	1000

The cost of goods sold is

A#21,200

B#20,200

C#19,200

D#18,800

View Explanation & Discuss

Question 13

jamb 2024

The following extracts are made from the books of Agama Enterprises.

Motor van (cost)	120000
Life span	4 years
rate of Depreciation	40%

Method of depreciation used is Diminishing Balance The depreciation charge for year two is

A#28,800

B#48,000

C#17,280

D#10,370

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Question 14

jamb 2024

The following extracts are made from the books of Agama Enterprises.

Motor van (cost)	120000
Life span	4 years
rate of Depreciation	40%

Method of depreciation used is Diminishing Balance The scrap value of the asset at the end of year four is

A#15,552

B#10,368

C#10,375

D#17,280

View Explanation & Discuss

Question 15

jamb 2024

Purchase Ledger Control Account

	#		#
Cash paid to debtors	15000	Balance c/d	5000
Bills payable	3000	Purchase journal	30000
Discount receive	2500
Return outward	1500
Sales ledger	1200
Balance c/d	11800
	35000		35000

The balance of #11,800 represents the amount

Aof balance required

Bof purchases made

Creceivable from creditor

Dpayable to the creditor

View Explanation & Discuss

Question 16

jamb 2024

Purchase Ledger Control Account

	#		#
Cash paid to debtors	15000	Balance c/d	5000
Bills payable	3000	Purchase journal	30000
Discount receive	2500
Return outward	1500
Sales ledger	1200
Balance c/d	11800
	35000		35000

The amount #30,000 represents

Acash purchases

Bcash paid to supplier

Ccredit purchases

Damount due from supplier

View Explanation & Discuss

Question 17

jamb 2024

Purchase Ledger Control Account

	#		#
Cash paid to debtors	15000	Balance c/d	5000
Bills payable	3000	Purchase journal	30000
Discount receive	2500
Return outward	1500
Sales ledger	1200
Balance c/d	11800
	35000		35000

The item sales ledger #1,200 represents

Acash paid to supplier

Bamount due from suppliers

Ccash purchases

Dcredit purchase

View Explanation & Discuss

Question 18

jamb 2024

Ifedapo Local Council has the following details for 2008

	#
Fines	5000
Allocation from state government	20000
Tenement rates	10000
Licences	12000
Hospital beds	8000
Ambulance	13000
Salaries	15000
Vehicles fueling	7000

The Local Council's revenue for 2008 was

A#47,000

B#37,000

C#42,000

D#27,000

View Explanation & Discuss

Question 19

jamb 2024

Ifedapo Local Council has the following details for 2008

	#
Fines	5000
Allocation from state government	20000
Tenement rates	10000
Licences	12000
Hospital beds	8000
Ambulance	13000
Salaries	15000
Vehicles fueling	7000

The council's expenditure for the year was

A#43,000

B#35,000

C#30,000

D#22,000

View Explanation & Discuss

Question 20

jamb 2024

Ifedapo Local Council has the following details for 2008

	#
Fines	5000
Allocation from state government	20000
Tenement rates	10000
Licences	12000
Hospital beds	8000
Ambulance	13000
Salaries	15000
Vehicles fueling	7000

The council's expenditure was

A#28,000

B#21,000

C#20,000

D#13,000

View Explanation & Discuss

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